COBALT advised startup Modular Technologies on raising 1 million euro additional investment

COBALT advised Estonian fintech startup Modular Technologies on raising 1 million euro additional investment from LHV Group. LHV will invest the 1 million euro in a convertible bond, that as to the agreement will be converted during the next funding round into shares according to the conditions of the A round funding.

TUUM (formerly named Modularbank), founded in 2019 in Estonia, is a fintech company that offers a cloud-based banking platform. LHV Group is the largest domestic financial group and capital provider in Estonia.

According to  Madis Toomsalu, the CEO of LHV Group, this investment will help combine their interests with a strategically important partner and further strengthen their position among financial technology companies. „Together with Tuum, we can give fintech start-ups and companies operating in other fields the opportunity to enter the market with new flexible financial products more easily and faster,“ commented Toomsalu.

Our work comprised advising clients on drafting investment documents. The COBALT project team consisted of Managing Associate Ott Aava and Assistant Lawyer Elis Toim.

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